This is dedicated to all human survival modes. Robust health is essential if we want to meet our goals in this life. It is never too late to be wise. It is never too early to revise.

Sunday, December 27, 2009

Watch European Union

SINGAPORE AND EUROPEAN UNIONTO NEGOTIATE FREE TRADE AGREEMENT1 Singapore and the European Union (EU) have agreed to startnegotiations for a free trade agreement (FTA). This represents amilestone in Singapore’s relationship with the EU, with whom we haverobust and long-standing economic ties. An FTA with the EU will be akey addition to Singapore’s network of FTAs, as the EU is Singapore’slargest trading partner.2 In the first 11 months of 2009, Singapore’s total trade with the EUstood at S$78.6 billion, accounting for 11.6% of Singapore's total trade.The EU is also Singapore’s largest investor. As at end-2007,Singapore’s overall FDI stock from the EU stood at S$150.8 billion.3 In 2008, Singapore was the EU’s 15th largest trading partnerglobally, and EU-Singapore trade accounted for a third of all EU-ASEANtrade, making Singapore the EU’s largest trading partner amongstASEAN member states.4 The bilateral FTA will not only promote the flow of goods, servicesand investment, it is also likely to enhance collaboration in areas suchas trade facilitation and technical regulations.5 The FTA will contribute to regional economic integration bypaving the way for an EU-ASEAN FTA. Negotiations on this region-toregionFTA began in 2007 but due to slow progress, both sides agreedto pause in March 2009.6 Minister for Trade and Industry Lim Hng Kiang said, “The EU’sdecision to proceed with a bilateral FTA with Singapore is a positivedevelopment. It demonstrates the importance of this region. Singaporeis keen to see a high quality agreement that includes substantialliberalisation across a wide range of areas. As the EU’s first FTA with anASEAN country, this will be a milestone agreement which will lay theground for an even closer relationship between the EU and ASEAN.”MINISTRY OF TRADE AND INDUSTRY22 DECEMBER 2009